Retail sales slow as BOE eyes 1st rate rise in decade

Retail sales volumes fell by 0.8% in September, according to data released this morning by the ONS.

Compared with a year earlier, sales volumes in September alone rose 1.2 percent versus the average forecast in a Reuters poll of a 2.1 percent rise.

The Bank of England has said that it expects inflation to peak at just over 3 per cent for this month and then fall gradually.

Growth for the third quarter of the year slowed to a year-on-year rate of 1.5 per cent, its lowest since the second quarter of 2013 and well below the 2.1 per cent pencilled in by city forecasters. Price increases are still absorbing the lion's share of growth in spending, with growth in food sales in September nearly entirely down to inflation.

Ian Gilmartin, head of retail and wholesale at Barclays Corporate Banking, said: "It's important to avoid overstating the negatives in September's retail sales, as retailers did manage to post year-on-year growth despite the range of headwinds they are battling now".

The value of pound fell immediately after the figures were released, with sterling down nearly half a cent to $1.3126, suggesting traders believe a rate rise next month is less likely.

Monthly figures showed the quantity of food bought and amount spent in grocery stores decreased by 0.6% and 0.3%, respectively.

Inflation was at a five year high of 3 percent in September and is expected to increase a little above that in October.

"However, the prospect of the Bank of England raising interest rates for the first time in over 10 years next month could come at a challenging time for the retail sector". This was also weaker than the expected 2.1 percent.

Overall retail sales across the industry grew by 4.4% in value compared to the same time past year, but fell by 0.5% compared to last month.

Markets see a roughly 80 percent chance of a rate rise on November 2 after the central bank's next meeting, but the pound fell to a one-week low of US$1.3126 after the data yesterday as rate futures pared back the odds of further rate increases in 2018.

James Smith, an ING Bank economist, said a drop in retail sales emphasizes the fragile nature of the United Kingdom consumer spending.

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A Rohingya Muslim man stands by the entrance to his tent at Balukhali refugee camp in Cox's Bazar, Bangladesh, on September 20. Also on Tuesday, Malaysia's deputy prime minister told Malaysian media the government would propose that the U.N.

Mark Dayton announced Wednesday that the state received an extension to allow old IDs at airports through October 10, 2018. As of Oct.15, 64,614 people have done that - but there are more than one million people on file who could make the change.

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The Limited trim has been available on the light-duty F-150 since 2015 and will now be offered on F-250, F-350 and F-450 pickups. While the company said that it is not aware of any accidents or injuries related to the issue, it increases the risk for injury.

It also rejected the Trump administration's suggestion that the trade agreement should be up for renewal every five years. All sides remain committed to talks for now: The next round will be in Mexico City starting November 17.

The Bank of England is making plans for a "hard" Brexit, he noted, but was still hoping for a transitional deal. The annual consumer price inflation of United Kingdom continued to accelerate in September.

Cork to Dublin Heuston cancelled, 06.15 Cork to Dublin Heuston will additionally serve Mallow, Charleville and Limerick Junction. Flights from Dublin Airport are operating "as normal" at the moment, but about 130 flights have already been cancelled.

Roth-Wells noted that a class action lawsuit filed by consumers against GM over the defective ignition switches still is underway. However, despite this knowledge, GM personnel decided it wasn't a safety concern and delayed making recalls.

In the new UP tourism booklet issued to mark the first six months of the UP Government, Taj Mahal was removed from the booklet. Even Hyderabad House in delhi was built by "Traitor " will MODI stop hosting Foreign Dignitaries??".

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